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Feb 5, 2013
02/13
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what's a better way to reduce the deficit? >> pro-growth policies and i think we can do that through comprehensive tax return where we can lower rates, broaden the base and have a less complicated tax code and independent experts show if we can do that with spending cuts, we can create 1 million jobs in the first year. >> well, it just seems like we keep kicking the can down the road, delaying, delaying, delaying. the cbo says the automatic budget cuts would cut our gdp in half. given that, does it make you more inclined to sign on to the president's plan? >> look, house republicans passed last august a plan to change the mix of those spending cuts in the first year, and that's still out there, but what the president did, he's got his revenue at beginning of the year. more revenue will just hurt the economy. it will cost us jobs, so what we really need now is the second piece of the balanced approach the president called for in december which is the beginning of reining in our debt and deficits. again, on the president's commi
what's a better way to reduce the deficit? >> pro-growth policies and i think we can do that through comprehensive tax return where we can lower rates, broaden the base and have a less complicated tax code and independent experts show if we can do that with spending cuts, we can create 1 million jobs in the first year. >> well, it just seems like we keep kicking the can down the road, delaying, delaying, delaying. the cbo says the automatic budget cuts would cut our gdp in half....
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Feb 1, 2013
02/13
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we have a deficit problem that puts at risk this recovery. so, there's a lot of government action that's needed. and on that score we haven't been that productive. there's a lot of concern about the deficit, quantitative easing and whether this rally is fundamentally induced or as a result of the money that the fed has pumping into the system. >> that's been an issue, gary, as far as the federal reserve pumping money. it's all about the fed, not necessarily about fundamentals. >> right and. >> and the failed bond sale. how are you allocating money right now? >> so me and -- i and the other members of tiger, high levels of cash, less fixed income. the fear that interest rates will rise. but we're starting to allocate more to private equity and public equity with historic numbers in private equity. 20% across the board allocated to private equity where a lot of america's wealth has been built for individuals. there is a movement back towards equity. as i say, it's not a stampede. it's measured because there's still a lot of concerns about some
we have a deficit problem that puts at risk this recovery. so, there's a lot of government action that's needed. and on that score we haven't been that productive. there's a lot of concern about the deficit, quantitative easing and whether this rally is fundamentally induced or as a result of the money that the fed has pumping into the system. >> that's been an issue, gary, as far as the federal reserve pumping money. it's all about the fed, not necessarily about fundamentals. >>...
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Sep 10, 2013
09/13
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they have a current account deficit. they have a fiscal deficit. they are being threatened by the fed raising rates. that's one where we'll probably take our time. overall, it's big business. i think i mentioned to you earlier, if we shift to latin america, whie shift down to mexico, that's interesting. we built our our brazil presence. we have 17 offices globally now. what it's affording us the opportunity to do is look around the different regions and countries, try to find places when there is dislocation. we expect the volatility to continue. there are enough things that go bump in the night as you mentioned. we are seeing some significant opportunity. i think you'll see kkr continue to invest capital fairly aggressively in these markets. >> what about the fed? i mean, do you think the tapering begins the next meeting, september 17, does it again then? >> you never know. our base view at kkr is it would be a great opportunity for the fed to get out. they have a question and answer session. if you think about them not doing mortgage tapering the
they have a current account deficit. they have a fiscal deficit. they are being threatened by the fed raising rates. that's one where we'll probably take our time. overall, it's big business. i think i mentioned to you earlier, if we shift to latin america, whie shift down to mexico, that's interesting. we built our our brazil presence. we have 17 offices globally now. what it's affording us the opportunity to do is look around the different regions and countries, try to find places when there...
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Jan 2, 2013
01/13
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we can't keep running trillion plus dollar a year deficits indefinitely because otherwise you'll have the federal reserve balance sheet be miles bigger than the whole economy, and obviously that's not a comprehensible thing, so we really do have to deal with the spending side as well. and most of the measures that would have been dealt with in the spending, like gradually raising the age on social security with have no negative impact on the economyner team in any event. >> by the way, what do you think of today's rally, and it comes, you know, after a pretty good month of december anyway. are we fooling ourselves to see stocks go much higher here when we still have the spending part of the equation to be figured out in the next few month, or is this wall street looking past all of that and guessing that the economy will grow from here? >> well, i think there was so much anxiety built up over the cliff that almost any resolution of it would have brought a sigh of relief. also remember, this is the first part of january. a lot of institutions have an influx of new money that needs to b
we can't keep running trillion plus dollar a year deficits indefinitely because otherwise you'll have the federal reserve balance sheet be miles bigger than the whole economy, and obviously that's not a comprehensible thing, so we really do have to deal with the spending side as well. and most of the measures that would have been dealt with in the spending, like gradually raising the age on social security with have no negative impact on the economyner team in any event. >> by the way,...
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May 23, 2013
05/13
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the problems that we have here at home that haven't gone way, that have to do with the debt and the deficit. they're concerned about regulatory. the regulatory impact. they're concerned about the impact of the affordable care act. so they get it. i think they get it a lot more so than a typical retail investor. so what we're seeing right now on the markets, we're really not looking at this as tremendous buying opportunities. we're a little more concerned that this is the precursor to some of these more global macro issues coming to the forefront. >> so then, i guess, carrie, that you've got to believe that some of the money on the sidelines is not coming in. >> well, i don't think it's going to come into straight, long-only strategies. where we're seeing it come in and where we see high net worth individuals receptive are with these alternative type strategies that can manage risk a lot better than being long only. >> robert, do you see that as well, based on what you're looking at in terms of wealthier investors today? do they want longer and sort of a little more complicated strategies ra
the problems that we have here at home that haven't gone way, that have to do with the debt and the deficit. they're concerned about regulatory. the regulatory impact. they're concerned about the impact of the affordable care act. so they get it. i think they get it a lot more so than a typical retail investor. so what we're seeing right now on the markets, we're really not looking at this as tremendous buying opportunities. we're a little more concerned that this is the precursor to some of...
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Nov 13, 2013
11/13
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i would ignore changes in the deficit. import growth, 270 -- 230 billion plus in september would support the view that the u.s. economy is improving. >> thank you so much. we will be watching all of that when we come back. stay with us. with fidelity's guaranteed one-second trade execution, we route your order to up to 75 market centers to look for the best possible price -- maybe even better than you expected. it's all part of our goal to execute your trade in one second. i'm derrick chan of fidelity investments. our one-second trade execution is one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. geothe last thing i want iswho doesnto feel like someone is giving me a sales pitch, especially when it comes to my investments. you want a broker you can trust. a lot of guys at the other firms seemed more focused on selling than their clients. that's why i stopped working at my old brokerage and became a financial consultant with charles schwab. avo: what kind o
i would ignore changes in the deficit. import growth, 270 -- 230 billion plus in september would support the view that the u.s. economy is improving. >> thank you so much. we will be watching all of that when we come back. stay with us. with fidelity's guaranteed one-second trade execution, we route your order to up to 75 market centers to look for the best possible price -- maybe even better than you expected. it's all part of our goal to execute your trade in one second. i'm derrick...
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May 9, 2013
05/13
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the deficit is $200 billion below where people thought. we are not going to have a debt crisis, a debt ceiling crisis. i love what japan is doing. it's totally pro-growth. and i think there's just as good a chance that the fed will step up their purchases of bonds ass there that they'll slow it down. in other words, i don't see any shift in fed policy. add it up, you've got pullbacks, i understand that, but i think this is a cyclical, multi-year continuation of the bull market. >> jeff, what do you think? you say the rally is short lived. >> well, i don't know how short lived it is, maria, but i would say this. larry just talked about pullbacks. and we haven't had a meaningful pullback in this market in so long. it's hard to even remember when. all of the dips are being bought. this is a teflon market. it's not reacting to bad news, it's not reacting to fundamentals. i tell you, i'm out here at salt, i'm talking to guys. they love ben bernanke, because they see this being controlled almost exclusively by federal reserve policy. history tel
the deficit is $200 billion below where people thought. we are not going to have a debt crisis, a debt ceiling crisis. i love what japan is doing. it's totally pro-growth. and i think there's just as good a chance that the fed will step up their purchases of bonds ass there that they'll slow it down. in other words, i don't see any shift in fed policy. add it up, you've got pullbacks, i understand that, but i think this is a cyclical, multi-year continuation of the bull market. >> jeff,...
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Mar 21, 2013
03/13
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there's no pressure, really, to balance the budget, no pressure to wind down these immense deficits, because they can be financed at about nothing. so to companies that might properly be considered bankruptcy candidates can sustain themselves and their precarious lives through borrowing at such rates. >> and that's what we continue seeing. >> this so-called recovery has been painfully and in a very un-american way drawn out, undynamic, and to people who are looking for a job, downright cool. and the fed insists that for reasons of economics as well as humanity, it will continue to do what has not worked. >> and i want to get your take on cyprus and europe, but let me put that aside for a moment. because, you know, chairman ben bernanke commented on this yesterday. someone said to him, what about the downside risk of all of this easy money. and he said, look, there are no issues of inflation. we don't have any issues in terms of, you know, this free money so far. and in fact, it's been helpful to the economy. so, what is the downside risk? how does this end? >> well, this is the great
there's no pressure, really, to balance the budget, no pressure to wind down these immense deficits, because they can be financed at about nothing. so to companies that might properly be considered bankruptcy candidates can sustain themselves and their precarious lives through borrowing at such rates. >> and that's what we continue seeing. >> this so-called recovery has been painfully and in a very un-american way drawn out, undynamic, and to people who are looking for a job,...
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Jun 4, 2013
06/13
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a lower budget deficit. it's also dependent, to some extent on the negative aspects of quantitative easing, raised by esther george, raised by mr. fisher at dallas. you know, there are negative aspects in terms of the zero bound interest rates that are filtering out into the economy and stagnating, keeping growth down as opposed to raising interest rates. just to finish the thought, maria, you know, chairman bernanke and other central banks basically have been working with this model that if you raise asset prices, that, eventually, it filters down in a wealthy effect to, you know, stimulate the real economy. that really hasn't happened, as you pointed out, in terms of my outlook. 2.5% growth, you know, from trillions of dollars worth of check writing. i think it's suspect. >> yeah, actually, it's pretty extraordinary. but, i feel like bernanke's bailing out policy makers. if bernanke weren't there, we wouldn't have any stimulus, right? where's the stimulus coming from the fiscal side of things and would you
a lower budget deficit. it's also dependent, to some extent on the negative aspects of quantitative easing, raised by esther george, raised by mr. fisher at dallas. you know, there are negative aspects in terms of the zero bound interest rates that are filtering out into the economy and stagnating, keeping growth down as opposed to raising interest rates. just to finish the thought, maria, you know, chairman bernanke and other central banks basically have been working with this model that if...
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Feb 21, 2013
02/13
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bring back -- we have hundreds of billions of dollars of trade deficit now on energy, we can change all that. we have bridge to a cleaner world with natural gas, which is 50% cleaner than oil. >> all i heard in davos, the whole week, was about shale. and we've done a lot about shale on this program. we've got shale rich in this country. >> right. >> so, that's about fracking. what about keystone? >> we should be doing that, too. we'd much rather buy our energy from canada than deal with all the complexities that we've been stuck in for the last 20 years with foreign oil. so, we -- technology has given us this wonderful opportunity to have low energy cost. we have to seize that, rather than keep debating and discussing and fighting over it. we've got to get this budget compromise done. >> right. everybody, whether you're an individual institution, government, needs a budget. >> yeah, absolutely. >> we haven't had one. michael, great to have you on the program. michael porter, based at harvard business school. we'll have more on hewlett-packard when we come back. stay with us. changed you
bring back -- we have hundreds of billions of dollars of trade deficit now on energy, we can change all that. we have bridge to a cleaner world with natural gas, which is 50% cleaner than oil. >> all i heard in davos, the whole week, was about shale. and we've done a lot about shale on this program. we've got shale rich in this country. >> right. >> so, that's about fracking. what about keystone? >> we should be doing that, too. we'd much rather buy our energy from...
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May 1, 2013
05/13
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needed to enact deficit reduction right now and wall street, 80% said yes. now that number is fallen to 52%. those who say the u.s. should take its time is up from something like 16% to almost 40%. those are the numbers right now, and i think what's happening, maria, is the numbers aren't biting and i couldn't disagree more with larry. to me, the most important problem in this country is unemployment. the thing that most endangers our standard of living in the future is a degradation of our workforce through long-term unemployment, and i think what should be happening is both the federal reserve and the fiscal side should be doing everything in their power to attack that. >> we already have 47 -- we already have 47 job training programs in the federal government, wasting, duplication, replication. look, i'm saying all that government stimulus we poured out in 2007, 2008, 2009, 2010, none of it worked. if it worked, steve liesman wouldn't be so worried about unemployment today. but the point i want to make here is, it is the private sector that will create th
needed to enact deficit reduction right now and wall street, 80% said yes. now that number is fallen to 52%. those who say the u.s. should take its time is up from something like 16% to almost 40%. those are the numbers right now, and i think what's happening, maria, is the numbers aren't biting and i couldn't disagree more with larry. to me, the most important problem in this country is unemployment. the thing that most endangers our standard of living in the future is a degradation of our...
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Oct 15, 2013
10/13
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i look more at the deficit, which has shrunk dramatically. everyone talks about debt but it's debt as a percentage of gdp. it's a percentage of debt to gdp, which we need to be around 65% to be at aaa. we those make no sense. we are smarter as a country than to have plunt objects. or something like medicare. and on the flip side we will have to make sure its revenues are involved. >> do you think when revenue needs to be included how does revenue come into play? >> when we look at the deficit it's receipts versus spending. now it's close to the four. we need corporate tax reform. it's clear that we have to rid loopholes. >> do you think the president believes that? >> absolutely. the president would be for cop a rat tax form. he would be for manufacturing a better rate to get manufacturing boosted. remember, we talked about it two years ago. >> i want to show you the board here. the dow jones futures are down 113 points. it's indicating a decline of about 113 points on the dough. this is all because of the news we just got from fitch. putting
i look more at the deficit, which has shrunk dramatically. everyone talks about debt but it's debt as a percentage of gdp. it's a percentage of debt to gdp, which we need to be around 65% to be at aaa. we those make no sense. we are smarter as a country than to have plunt objects. or something like medicare. and on the flip side we will have to make sure its revenues are involved. >> do you think when revenue needs to be included how does revenue come into play? >> when we look at...
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Oct 25, 2013
10/13
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that's bringing growth down 1 .5%, where it would be more beneficial to the economy to do longer term deficit reductions and then you have stuff not getting.com done, immigration reform, corporate tax reform. i'd say washington haven't quite killed the economy but it's worse than it should be. >> what's your reaction? >> i yield to no one in arguing, yes, ben is 100% right. of course, congress has been extremely destructive to the economy, whether it's fiscal drag or uncertainty lurching from crisis to crisis. that said, once you take the bar down really far you might be able to get over it. taking off from where john harwood was a second ago. i do see a small deal possibly in the making that revolves replacing some 2014 sequester cuts in ways that would diminish some of that fiscal drag and help the economy in 2014 and offsetting costs with back-loaded cuts of the type john mentioned. >> how far does the bar have to go for obama care exchanges which are having real difficulties right now? ben said those could be contributing to the economic lag. >> i'm skeptical on the obama care -- first of
that's bringing growth down 1 .5%, where it would be more beneficial to the economy to do longer term deficit reductions and then you have stuff not getting.com done, immigration reform, corporate tax reform. i'd say washington haven't quite killed the economy but it's worse than it should be. >> what's your reaction? >> i yield to no one in arguing, yes, ben is 100% right. of course, congress has been extremely destructive to the economy, whether it's fiscal drag or uncertainty...
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Jun 7, 2013
06/13
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so what you need is a long-term plan that, you know, deals with the main drivers of the deficit, like entitlement spending -- >> how come we don't that have? i mean, this is, i think at this point, even people who are not knee-deep in this, like you and me and our viewers, they get it. they know these programs have to be reformed. how come we don't have a long-term plan? what do you think? >> i have no idea. it feels like you could put a republican economist and a democratic economist together in a room, we'd have a plan in two hours. i mean, i think there's that much agreement among the experts that it is, you know, it's hard to imagine. i think the big picture is, it's what we're doing now is exactly wrong, right? the sequester is just bad cuts to government spending, too fast, too soon, replace it with something much smarter. that deals with the long-term problem. >> all right, so we all know, the other uncertainty out there, federal reserve chairman bernanke's term is up in january 2014. you want the job, christina? >> i think there are lots of great candidates out there. i certai
so what you need is a long-term plan that, you know, deals with the main drivers of the deficit, like entitlement spending -- >> how come we don't that have? i mean, this is, i think at this point, even people who are not knee-deep in this, like you and me and our viewers, they get it. they know these programs have to be reformed. how come we don't have a long-term plan? what do you think? >> i have no idea. it feels like you could put a republican economist and a democratic...
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Feb 11, 2013
02/13
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we have done $2.5 trillion in deficit. it's brought the deficit down, but not enough. we're not under 3% as a percentage of our economy and our -- >> gene, we still have $16.5 trillion in debt. let's talk about the here and now. the $16.5 trillion in debt. it's getting higher, not lower. our audience knows this. >> marimaria, obviously your audience what they care about is as a country to have a stable debt as a percentage of their economy. is their deficit below 3% so that your debt as a percentage of your economy is coming down and stabilized. that's what gives people confidence to invest. and that's been the goal i think of both parties. now, we have lowered the deficit. the projection of deficit as percentage of our economy. but we're seeing it's not enough. that's why this president is willing to go forward with an additional $1.8 trillion in deficit reduction which is what was the remaining amount that was on the table when he was speaking with speaker boehner and negotiating. now, the president's still willing to put that offer on the table with all the difficul
we have done $2.5 trillion in deficit. it's brought the deficit down, but not enough. we're not under 3% as a percentage of our economy and our -- >> gene, we still have $16.5 trillion in debt. let's talk about the here and now. the $16.5 trillion in debt. it's getting higher, not lower. our audience knows this. >> marimaria, obviously your audience what they care about is as a country to have a stable debt as a percentage of their economy. is their deficit below 3% so that your...
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Jun 27, 2013
06/13
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budget deficits growing out to the lines, never converging. and then you compare to where we are today. i'm in the risk management business. i can sit here for three hours and tell you and i wouldn't be done telling you all of the things i'm worried about. but if you ask me what i think is likely, we muddle through and we are muddling through and we are part of the cycle. >> what about the federal reserves impact here. we are talking about the implications of central banks monetary policy. beginning of this tapering down. once rates remove, how does that change situation or impact the people of -- >> well, it depends on how the market reacts. if it costs more to borrow money and municipality are left for the most part on their own, which is pretty much where we are now, then it could slow it down. if we continue it public-private partnerships and we move the needle and market reacts in a positive way and it continues to be at least, you know, a balance in terms of how much it costs to borrow money, i think we are okay pch. but i think it is so
budget deficits growing out to the lines, never converging. and then you compare to where we are today. i'm in the risk management business. i can sit here for three hours and tell you and i wouldn't be done telling you all of the things i'm worried about. but if you ask me what i think is likely, we muddle through and we are muddling through and we are part of the cycle. >> what about the federal reserves impact here. we are talking about the implications of central banks monetary...
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Jun 24, 2013
06/13
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we want to manage down the debt and deficit over a period of ten years to balance. and, you know, the problem is, we have the senate that passed a budget that doesn't even consider balancing, nor does the president. so somewhere in all that we're going to have to come together and just agree to say, look, let's grow this economy, let's reduce the outlays, let's be smart about the kind of reforms that we're imposing so we can get to balance within ten years. >> so how does this play out then? i think wall street, investors, main street, by the way, the american people just want the two sides to work together. how do you envision the debt ceiling negotiations going on later in the summer? give us the timing on it. >> we're already in discussions about what we can do and how we can bring about positive reforms. i mean, we all know, and i think most americans would say, look, i've got to balance my checkbook at home. the federal government has been spending way more money than it has. and it will come up, and it has begun to actually impact the ability for the economy t
we want to manage down the debt and deficit over a period of ten years to balance. and, you know, the problem is, we have the senate that passed a budget that doesn't even consider balancing, nor does the president. so somewhere in all that we're going to have to come together and just agree to say, look, let's grow this economy, let's reduce the outlays, let's be smart about the kind of reforms that we're imposing so we can get to balance within ten years. >> so how does this play out...
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Feb 4, 2013
02/13
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coupled with smart spending reductions in order to bring down our deficit. and we can do it in a gradual way. >> so what does smart spending cuts mean? judd gregg is co-chair of the fix the debt campaign. robert reich is from the university of california at berkeley and author of "beyond outrage." both are cnbc contributors and we thank you for joining us. good to see you both. senator gregg, what's a smart spending cut? what's that mean? >> i don't know. i think it's a washington speak word for probably no cuts. >> no cuts? >> that's the tradition in washington. they say if it's not a good cut, don't make the cut. the fact is there's going to have to be decisions made here. taxes were raised at the end of the year. and we know we can't get to the fiscal responsibility we need without our entitlement accounts. they'll vo to step up. >> do you think we will actually see spending cuts on the entitlements? >> what i think is going to happen here is you're going to e see the sequester. it's going to go forward. the pressure is going to be so strong from groups t
coupled with smart spending reductions in order to bring down our deficit. and we can do it in a gradual way. >> so what does smart spending cuts mean? judd gregg is co-chair of the fix the debt campaign. robert reich is from the university of california at berkeley and author of "beyond outrage." both are cnbc contributors and we thank you for joining us. good to see you both. senator gregg, what's a smart spending cut? what's that mean? >> i don't know. i think it's a...
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Oct 17, 2013
10/13
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our deficit and debt. many ways to approach it. paul ryan had a good approach. simpson/bowles has come up with a simpson/bowles 2. the president has put some good ideas on the table in the area of entitlement reform. get in the room, get serious, people, and get an agreement they can govern from. >> representative johnson, is part of the problem here the fact that we have a debt ceiling? >> well, that's a part of the problem. but i think that generally, it's the attitudes of which we're working with. we need to restore some type of trust so that we can reach some type of balance. we did not experience that the last month or so. and that's why we had the shutdown. i think the goal and the focus was on tearing up the affordable care act. and on the other side, there was a lot of focus on making sure it did not get torn. so that was the major stumbling block. >> that was one of them, representative. but at the same time, i mean, there's -- there's a couple -- even if it weren't for obama care, we'll probably still be in this situation. because there's a huge sort o
our deficit and debt. many ways to approach it. paul ryan had a good approach. simpson/bowles has come up with a simpson/bowles 2. the president has put some good ideas on the table in the area of entitlement reform. get in the room, get serious, people, and get an agreement they can govern from. >> representative johnson, is part of the problem here the fact that we have a debt ceiling? >> well, that's a part of the problem. but i think that generally, it's the attitudes of which...
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Feb 7, 2013
02/13
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we don't need to do this now so i think we should -- we've done plenty of deficit reduction for right now. the newest cbo numbers show the deficit is going to come down dramatically in the next couple of years. let's get to another election. >> can you really say -- can you real say we've done deficit reduction when in fact the only thing that was cut was the projected it was -- laura. we still have $16.4 trillion in debt. that's -- >> yes, and i want to ask you, maria, what's the concern about that? can we pay off that debt? all of the world's bond markets and capital investors think we can. i think we can. i don't know why we want to fix it sate on that number right now. i want to fixate on fixing debt to gdp ratio. i said, there was more work to be done. we do not have to do it this year and we do not have to do it in this way. >> real quick, what are the olds of the deal? bob? >> ah, 30%. >> 30% odds of a deal. you agree with that, laura? >> you know, we might blow through the sequester deadline. i think once people look at the cuts that are required, they are going to back away,
we don't need to do this now so i think we should -- we've done plenty of deficit reduction for right now. the newest cbo numbers show the deficit is going to come down dramatically in the next couple of years. let's get to another election. >> can you really say -- can you real say we've done deficit reduction when in fact the only thing that was cut was the projected it was -- laura. we still have $16.4 trillion in debt. that's -- >> yes, and i want to ask you, maria, what's the...
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Mar 13, 2013
03/13
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if that does happen, it would lead the usda program with an $80 million deficit. now, domestic raw sugar prices have fallen 38% in the last year. again, according to the ag department, nearly half of that, 18%, happening since last october. that's way below those government price sport levels, increasing the possibility of loan defaults. no final decision is expected until next month. now, the government's support of sugar prices have been widely criticized for years. critics claim it creates unfair import bare yores for cheaper foreign sugar and drives up prices for consumers. those price supports impact companies like hershey, mars incorporated, nestle, as well as a lot of candy and breakfast cereal producers. on the flip side, the american sugar alliance lobbies for the sugar cane and sugar beat producers say the agriculture department is running that price support program the way congress intended. back to you guys. >> all right, hampton. thank you very much. you may not find too much dentists complaining about the sugar program, but sally james of the kato in
if that does happen, it would lead the usda program with an $80 million deficit. now, domestic raw sugar prices have fallen 38% in the last year. again, according to the ag department, nearly half of that, 18%, happening since last october. that's way below those government price sport levels, increasing the possibility of loan defaults. no final decision is expected until next month. now, the government's support of sugar prices have been widely criticized for years. critics claim it creates...
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May 31, 2013
05/13
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i mean, the reality is, we cannot continue to accrue the type of debt that we are an incur the deficits that mount the debt. we can't do that anymore and we know that. so, hopefully we can all work together towards resolving these problems. we talked earlier about the entitlement situation. the discretionary number will continue to abide by those sequester levels. >> right. >> and unless we can get some kind of transformative change in attitude by this administration, to deal with the real underlying problem of the deficit, which are the entitlement programs. >> congressman, thank you so much. >> thanks, maria. >> see you soon. congressman eric cantor. we're going to take a short break and then more on this selloff today, down more than 208 points on the dow. stay with us. lets you jump backwards and forwards in time to capture the perfect shot. blackberry z10 with time shift. built to keep you moving. see it in action at blackberry.com/z10 but we can still help you see your big picture. with the fidelity guided portfolio summary, you choose which accounts to track and use fidelity's an
i mean, the reality is, we cannot continue to accrue the type of debt that we are an incur the deficits that mount the debt. we can't do that anymore and we know that. so, hopefully we can all work together towards resolving these problems. we talked earlier about the entitlement situation. the discretionary number will continue to abide by those sequester levels. >> right. >> and unless we can get some kind of transformative change in attitude by this administration, to deal with...
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Sep 11, 2013
09/13
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that is to say technically because the federal budget deficit has shrunk. they need to begin to purchase less paper, number one. number two, many of them privately argue that quuchlt qe3. >> do you think the market reacts or it's priced in at this point? they'll say, we'll take this down to 75. >> yeah, maria, we spend so much time talking about this. unless it's some outsized number, which i don't think it will be, my guess is it's a ho hum for the markets. >> all right. are there groups you believe will benefit from rising rates. look at the ten-year around 3%. we know rates are going higher at some point. you could think it's two years, you can think it's six months. what do you want to own during that rising environment? >> i want to own stocks that have the ability to raise their free cash flow and raise their earnings. defensive stocks are started and will continue to lag. i want to be sick lickically oriented as we pointed out a second ago. historically when rates move up, technology does a bit better, industrials do a bit better. energy eventually,
that is to say technically because the federal budget deficit has shrunk. they need to begin to purchase less paper, number one. number two, many of them privately argue that quuchlt qe3. >> do you think the market reacts or it's priced in at this point? they'll say, we'll take this down to 75. >> yeah, maria, we spend so much time talking about this. unless it's some outsized number, which i don't think it will be, my guess is it's a ho hum for the markets. >> all right. are...
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Jun 6, 2013
06/13
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>> what's working has been the large fiscal deficits that wall street continues to complain about. and i think what's going to cause problems in the future is a very significant fiscal contraction that we've seen since the beginning of this year, particularly with the bigger tax hikes and the sequestration that everybody seems to be thinking is a wonderful thing. that's a much more important consideration longer term than any so-called tapering by the federal reserve. >> go ahead, diane. >> well, the sky was going to be falling, but economic growth has picked up in the first quarter, a little bit above the quarter before. >> but we didn't have the sequestration come into effect until april of this year, and that's on top of a contraction of about 1% already. sowear now looking at something in the range of 2.5%. so it's only now you would expect to see the slowdown coming and you're seeing that in the data. so it's not surprising. >> we spent trillions of dollars, we've spent trillions of dollars and still employment is low. it's time for the private sector to take over. it's time f
>> what's working has been the large fiscal deficits that wall street continues to complain about. and i think what's going to cause problems in the future is a very significant fiscal contraction that we've seen since the beginning of this year, particularly with the bigger tax hikes and the sequestration that everybody seems to be thinking is a wonderful thing. that's a much more important consideration longer term than any so-called tapering by the federal reserve. >> go ahead,...
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May 21, 2013
05/13
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with the deficit falling to $645 billion this fiscal year, the fed is more than two-thirds the demand for treasury. if the deficit keeps falling, we don't necessarily have the requirement for a buyer of last resort since the supply of bonds is actually coming down. the fed could back off or keep buying and rates will stay low under a variety of different circumstances. i don't think it's quite as important right now with the deficit falling as it would be if the definite were continuing to get larger. >> so you don't agree with keith that when the fed stops the buying, we're going to see a re real sell-off or a volatile market? >> i don't think they're going to stop buying this year. i don't know when they're going to start tapering. i would go with bill dudley, he doesn't know which way their going to go. he could say they could buy more. if they buy more, they'll buy all of the available supplies. i would be a little careful at pre-judging what the fed is going to do. i would agree that when they say they're going to change policy, which is before they actually do anything, that wil
with the deficit falling to $645 billion this fiscal year, the fed is more than two-thirds the demand for treasury. if the deficit keeps falling, we don't necessarily have the requirement for a buyer of last resort since the supply of bonds is actually coming down. the fed could back off or keep buying and rates will stay low under a variety of different circumstances. i don't think it's quite as important right now with the deficit falling as it would be if the definite were continuing to get...
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Feb 28, 2013
02/13
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i think as chairman bernanke said we should solve the more fundamental, structural deficit and actually leave some stimulus there, but i think -- i think the market have essentially said that this will take a little while and again get their heads together and figure this out. we'll need to sit on the sidelines for four-to-six weeks before the political process gives us an answer. >> what's your take on 2013, ed? >> we have a target every year of being 7% to 10% earnings per share growth. we exceeded that in the first quarter, and we think there's still a good shot of being in our target range. >> and in terms of the global story, does the upset in europe impact you very much? how does that play into the story? >> yeah, it plays in the story, not directly, but the fact is it does mean continued downward pressure on interest rates, and in the -- you know, that's tough for our deposit business, and we're very, very strong in the deposit business, so we have a surplus of deposits over loans, trying to close that growth by, you know, gap by growing the loan buck, but we are very, very stron
i think as chairman bernanke said we should solve the more fundamental, structural deficit and actually leave some stimulus there, but i think -- i think the market have essentially said that this will take a little while and again get their heads together and figure this out. we'll need to sit on the sidelines for four-to-six weeks before the political process gives us an answer. >> what's your take on 2013, ed? >> we have a target every year of being 7% to 10% earnings per share...
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May 28, 2013
05/13
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as the deficit falls, the fed has to taper, right? and the average duration of the fed portfolio is about 7 1/2 to 8 years. so therefore, they could actually let those bonds run off without buying new bonds, as the taper proceeds. >> i do not disagree with any of that, but this is ultimately about speed. you can have a shock in the bond market that can cause stocks to fall pretty substantially. every day that goes by, we get closer to that risk of a butterfly effect happening in fixed income. so we're in equities very near-term, we can very quickly rotate into bonds in our mutual fund. but i have to stress, if you're only looking at the stock market's trend, you are vulnerable very much to this possibility of something happening overnight or something like that -- >> we can always worry about what-ifs, but my guys want to know, what is going on? they don't know what if is going to happen. >> yields are rising -- >> and utilities are falling. as yields rise, utilities fall. so what's going on is actually the same thing that goes on all
as the deficit falls, the fed has to taper, right? and the average duration of the fed portfolio is about 7 1/2 to 8 years. so therefore, they could actually let those bonds run off without buying new bonds, as the taper proceeds. >> i do not disagree with any of that, but this is ultimately about speed. you can have a shock in the bond market that can cause stocks to fall pretty substantially. every day that goes by, we get closer to that risk of a butterfly effect happening in fixed...
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Aug 7, 2013
08/13
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look, i think when the fed started this, the federal reserve deficit was a whole lot bigger, meaning the net issuance by the treasury was a lot bigger than it is today. so technically, to have the same impact, they need to reduce that amount. and unless we have really bad economic number, i think we'll go there. we got 1.7 for real gdp recently, the economic activity since then suggests that number's probably going to be revised up. so you're right. we're not singing on all eight cylinders, but things are okay, enough for them to do that. you're right, it has nothing to do with raising rates. >> so what do we need to see from the economy to have that hold true in the next 30 days? >> you know, so i think if we just get kind of two out of three economic statistics being okay, they'll go forward and begin that tapering process. and reinforce lots of different ways that rates are still essentially zero, and will be for the foreseeable future. the line i've tried to use is say the fed has been a 100-mile-an-hour tailwind for s us, and they're going to shrink that at some point to an 80-m
look, i think when the fed started this, the federal reserve deficit was a whole lot bigger, meaning the net issuance by the treasury was a lot bigger than it is today. so technically, to have the same impact, they need to reduce that amount. and unless we have really bad economic number, i think we'll go there. we got 1.7 for real gdp recently, the economic activity since then suggests that number's probably going to be revised up. so you're right. we're not singing on all eight cylinders, but...
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Jul 26, 2013
07/13
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the dow rallies back from 150-point deficit to finish positive. look at how we finish the day on the street with the dow up a fraction. but what a wild ride coming off of the low of down 150 earlier, about 11:00 a.m. this morning. the nasdaq positive with a gain on the session of about eight points. the stand & poors reversing. it finishing up one point. talk about a comeback. the dow rebounding from the 150-point deficit low, bob pisani, a turnaround. >> very impressive. everybody thought we'd end down today. the dow, we started weak early on. some issues overseas that dropped the dow just right at the start. and we hit the lows around 11:30rks and then went straight up from there. i'm surprised we ended positive. not only positive, but for the week, too. the trading and the essential things that happened. number one, issues in japan that weighed on the u.s. they weren't happy with the inflation numbers. yen was stronger. never good news. commodities like copper were weak. concerns about slowing growth in china. and around 11:30, another low, bec
the dow rallies back from 150-point deficit to finish positive. look at how we finish the day on the street with the dow up a fraction. but what a wild ride coming off of the low of down 150 earlier, about 11:00 a.m. this morning. the nasdaq positive with a gain on the session of about eight points. the stand & poors reversing. it finishing up one point. talk about a comeback. the dow rebounding from the 150-point deficit low, bob pisani, a turnaround. >> very impressive. everybody...
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Jul 16, 2013
07/13
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he was talking about lower deficits and spending cuts and tax increases, and i think he's going to try to put this at the foot of congress. hey, i did -- we did all we could do, what are you guys doing? >> he's been saying that. by the way, what has congress done? >> good question. >> it's going to come up. what congress might do in the fall, this debt ceiling? someone will bring up the debt ceiling and how it's a problem, how it will impact gdp growth. it's another possible headline. >> you notice the debt ceiling hasn't moved off its same level in about a month and a half, just to throw that out there. >> so what do you think that tells us? >> well, i think it tells us they're getting money from somewhere. i'm not sure where. we're so closed to it that the debt ceiling story is going to emerge. one other issue i want to challenge, ben bernanke doesn't like to talk politics, but he has talked about how the fiscal side hasn't helped. well, my gripe and i've continued -- i've said this a thousand times -- if he's looking at unemployment rates now, not representative of the true nature o
he was talking about lower deficits and spending cuts and tax increases, and i think he's going to try to put this at the foot of congress. hey, i did -- we did all we could do, what are you guys doing? >> he's been saying that. by the way, what has congress done? >> good question. >> it's going to come up. what congress might do in the fall, this debt ceiling? someone will bring up the debt ceiling and how it's a problem, how it will impact gdp growth. it's another possible...
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Mar 14, 2013
03/13
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., as far as a budget deficit problem, and interest costs headed higher as interest rates tick higher. >> let me bring in a special guest here to the conversation, fresh from ringing the closing bell, alfred e. smith, the fourth wall street veteran and founder of a.e. smith associates. he's also the great grandson of the four-time governor of the state of new york, serving as chairman of the famed annual dinner, named after his great grandfather and his son. maybe he lead the new york st. patrick's day parade as grand marshal. good to see you, al! thank you so much. i know your parade is on saturday. al, let me ask you, back to the floor, what feels different to you? and you've seen and participated in lots of rallies and lots of sell-offs if your decade, multidecades on wall street. how does this rally feel to you versus past rallies? >> this market just has a great feel to it. the united states seems like the only place to put money. and i left here, it was 14,000. came back five years later, it's 14,000. so we've come full cycle plp >> and you still see buyers? >> yeah, looks all g
., as far as a budget deficit problem, and interest costs headed higher as interest rates tick higher. >> let me bring in a special guest here to the conversation, fresh from ringing the closing bell, alfred e. smith, the fourth wall street veteran and founder of a.e. smith associates. he's also the great grandson of the four-time governor of the state of new york, serving as chairman of the famed annual dinner, named after his great grandfather and his son. maybe he lead the new york st....
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Jul 11, 2013
07/13
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now, because of the winds, head winds that include direction of fed policy, sovereign debt, budget deficits, all of this comes together and effects the investors trust somewhat in the market. the adviser has to step in and take a disciplined approach and have an investment solution. >> so coming back to the simple question, how come retail investors are not in this market? >> i believe they do trust their advisers. >> i we'll start it see more investors confidence come into the market. and in the final phase of this bull market rally. that has historically always been the case. in the final phase and i do believe like rich bernstein says, we are in the middle innings. we are in this bull market as the fourth and fifth -- >> you can talk about that until the cows come home about where we are with the bull market. but the investors out there believe at some point we are going to go -- we're probably in some type of a bubble. or if we're not in a bubble, they just don't feel like -- they get a fair shake. i think it is what i said before. if you want to look at what do you do, we have been wai
now, because of the winds, head winds that include direction of fed policy, sovereign debt, budget deficits, all of this comes together and effects the investors trust somewhat in the market. the adviser has to step in and take a disciplined approach and have an investment solution. >> so coming back to the simple question, how come retail investors are not in this market? >> i believe they do trust their advisers. >> i we'll start it see more investors confidence come into...
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Mar 4, 2013
03/13
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said over and over again the wealthy have to pay their fair share if we're going to get our budget deficits under control. >> and what did you find? >> i found when i looked at numbers by the tax policy center. that's a center here in washington. a joint effort be i this brookings institution. after the tax bill passed, they ran some models to see what was going to happen with the tax burden among people at different income levels. and they came up with the numbers you cited. the top 1%, 20%. then look at the middle 20%. families making a little less than $50,000 a year. they continued to pay taxes at historically low rates. bottom 20%, a lot of those folks get back from the government more than they pay in taxes. >> what does your reporting tell you? whether people feel the wealthiest are paying their fair share. ever since obama started that pay your fair share, everyone always suggests or assumes that the wealthy do not pay their fair share. >> you know, also, whenever you ask people should we raise taxes, the answer is always we should raise taxes on the other goo i. so we're talking ab
said over and over again the wealthy have to pay their fair share if we're going to get our budget deficits under control. >> and what did you find? >> i found when i looked at numbers by the tax policy center. that's a center here in washington. a joint effort be i this brookings institution. after the tax bill passed, they ran some models to see what was going to happen with the tax burden among people at different income levels. and they came up with the numbers you cited. the...
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Nov 12, 2013
11/13
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psychologically we have a country -- eeb even today the deficit is $420 trillion. you have to increase revenue, reduce expenditures, you have to fix the tax rules. in addition to that, have you to change regulation. i was just, let's say, to a communist country where they allocated capital and they've done a third-rate job of doing that. >> third rate. >> not even second rate. so, basically, essentially planned economy has virtues in some ways. chinese do it extremely efficiently if they want to build an airport. the private sector is the growth sector and that's working. >> you are an active stock picker. media is one area you've been strong on. what do you like in media? >> broadcasters have combined, sinclair has done a great job. >> stocks have done great. >> they've done extremely well because they're playing a migration. secondly, there's a wild card in terms of the spectrum values. media general just closed today. warren buffett and i are largest holders, young is merging with them, i think they'll do another deal. there's some vitality left. i also like via
psychologically we have a country -- eeb even today the deficit is $420 trillion. you have to increase revenue, reduce expenditures, you have to fix the tax rules. in addition to that, have you to change regulation. i was just, let's say, to a communist country where they allocated capital and they've done a third-rate job of doing that. >> third rate. >> not even second rate. so, basically, essentially planned economy has virtues in some ways. chinese do it extremely efficiently if...
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May 3, 2013
05/13
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if that happens, i know it will happen, all the concern about budget deficits things like that, i think it muted in a big way and the market looks ahead, maria. that's what it's looking at. it's looking at something above and beyond all of the rhetoric we keep hearing about all of current problems. it's not what we're looking at now. it's where we are going to go in about four years. >> so you think in the next four years, we're going to see strushl change to the u.s. commitment you think the u.s. will become an oil exporter? >> absolutely. i don't have the numbers. i will get the numbers. we've sit down with an economist and talk about what it really means to our economy. just imagine, if it's not 2017, so it's a couple years later. >> yes. >> we're going to be in a position that we haven't been in our lifetimes. worry going to be the super powtary we are. >> that is a really important thought and sort of a long-term thought, which i think is a great point to make. let me get your take on this current rally, ralph. because the last time we spoke, you said there are a number of stages t
if that happens, i know it will happen, all the concern about budget deficits things like that, i think it muted in a big way and the market looks ahead, maria. that's what it's looking at. it's looking at something above and beyond all of the rhetoric we keep hearing about all of current problems. it's not what we're looking at now. it's where we are going to go in about four years. >> so you think in the next four years, we're going to see strushl change to the u.s. commitment you think...
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Oct 7, 2013
10/13
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the real blame lies with the 34 extremists pushing this issue instead of letting us talk about the deficit and debt limit and coming to an agreement. people can see the outlines of that agreement. they're much more focused on putting a stake through the heart of obama care. and it's not what we should be focused on right now. >> is it possible to detach c.r., the continuing resolution, and the debt ceiling? can we detach it? >> not really. >> well, i -- >> not really. >> i think so. >> everyone talks about a clean c.r. but if you're one of the hundreds of republicans who voted against obama care in march of 2010 you cannot in good conscience vote to fund it. how can you say you disagree with it in principle but here's the money to fund it? if obama wants to fund a pet project in an earmark called obama care, he should have have done that. he's relying on people on the record for 3 1/2 years with all the glitches. >> i don't know if we'll have a clean c.r. but i wager the president will get his way on not repealing obama care and that will fall off the table as we move forward with negotiat
the real blame lies with the 34 extremists pushing this issue instead of letting us talk about the deficit and debt limit and coming to an agreement. people can see the outlines of that agreement. they're much more focused on putting a stake through the heart of obama care. and it's not what we should be focused on right now. >> is it possible to detach c.r., the continuing resolution, and the debt ceiling? can we detach it? >> not really. >> well, i -- >> not really....
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Jan 10, 2013
01/13
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the piece absolutely advocates getting out of our debt and getting the debt and deficit under control. but it does so by discussing some cuts in defense and then examples of scaling back things like something called the great lakes restoration initiative. not eliminating it, just cutting it by maybe a quarter of its present cost. a sav
the piece absolutely advocates getting out of our debt and getting the debt and deficit under control. but it does so by discussing some cuts in defense and then examples of scaling back things like something called the great lakes restoration initiative. not eliminating it, just cutting it by maybe a quarter of its present cost. a sav
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Nov 18, 2013
11/13
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and united states have enough wounds, you know deficit national debt, obama care you know iran syria, palestine, they have enough headaches. and this was really a completely unneeded burden on the obama administration. >> how do you see it playing out? do you think this sticks people remember around the world? does the u.s. look different to our friends around the world? >> i think the spying will eventually fade away. we know in advance before snowden that spying took place. fundamentally united states needs to work on internal fairs, obama care national debt situation, and to have a coherent and cohesive and comprehensive policy. towards not only middle east but the whole world and be consistent in its approach. >> let me ask you about the oil markets because here we are looking at oil at $92.9 5 a barrel. international energy agency said the united states is likely to become the world's top oil producer by 2016. he we have spoken about this in the past. you have certainly been very very vocal in terms of pushing saudi arabia to diversify a bit. not depend so much. how do you see th
and united states have enough wounds, you know deficit national debt, obama care you know iran syria, palestine, they have enough headaches. and this was really a completely unneeded burden on the obama administration. >> how do you see it playing out? do you think this sticks people remember around the world? does the u.s. look different to our friends around the world? >> i think the spying will eventually fade away. we know in advance before snowden that spying took place....
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Mar 15, 2013
03/13
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and it's growing, but we're still talking about a pretty good deficit there. what's going on with it? why is the penetration rate still low? >> well, two things, really. for anybody who's a parent of kids that are just out of college, they know a lot of them speaking on couches and -- >> or they move back with you. >> exactly. household formation rates is what economists would call it. but basically, we haven't had as many households forming. there's a big potential for a jump in the coming years in that, but we haven't seen it accelerate enough. as job growth continues, that will happen. the other issue has been credit availability. and we've seen some signs that it's easing, but we need to do more. that's why the president has said, we ought to help more families refinance. millions of homeowners still underwater, who could spend $3,000 more a year, boost consumer spending, if they could save on their mortgages, but we need to accelerate that. and the other problem is just new loans, for purchasing, are too hard to get. >> that's exactly right. that's where
and it's growing, but we're still talking about a pretty good deficit there. what's going on with it? why is the penetration rate still low? >> well, two things, really. for anybody who's a parent of kids that are just out of college, they know a lot of them speaking on couches and -- >> or they move back with you. >> exactly. household formation rates is what economists would call it. but basically, we haven't had as many households forming. there's a big potential for a jump...
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Feb 19, 2013
02/13
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republicans as well as alan simpson and erskine bowles, the head of the presidential commission on deficit reduction. the president has been saying where are your cuts? and his public message was, yes, i'm ready to do more cuts. here's the president. >> i am willing to cut more spending that we don't need. get rid of programs that aren't working. i've laid out specific reforms to our entitlement programs that can achieve the same amount of health care savings by the beginning of the next decade as the reforms that were proposed by the bipartisan simpson/bowles commission. >> of course, president barack obama is also saying we need new tax revenue as part of a followup dahle deal and today alan simpson and erskine bowles said they want even more cut than they had asked for before. while agreeing with the president on revenue, errse the former clinton white house chief of staff says he needs to push both sides. >> we're going to have to push the white house on health care. push the republicans on revenue. what we've tried to do is make enough cuts in health care to slow the rate of growth on
republicans as well as alan simpson and erskine bowles, the head of the presidential commission on deficit reduction. the president has been saying where are your cuts? and his public message was, yes, i'm ready to do more cuts. here's the president. >> i am willing to cut more spending that we don't need. get rid of programs that aren't working. i've laid out specific reforms to our entitlement programs that can achieve the same amount of health care savings by the beginning of the next...
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Sep 18, 2013
09/13
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going to be tapering, the treasury was going to start reducing issuance, which is going to because deficits are shrinking. what i'm worried about now is the fed is -- is going to be buying maybe more than than 100%, 110%, 120% of all debt issuance. i think that will create more of a bubble issue in the future and will make it more difficult to unravel this. but i think if i had to sit back and say why did the fed not taper, we have a big -- we're going to have a lot of drama in october. >> debt ceiling. >> the debt ceiling. nobody is forecasting this, thinking about it. i don't think we should be assuming washington will finally get it. i am very worried about how binary both positions are, republicans and democrats. >> they already said it, no movement. obama will not negotiate. republicans say, really? you can say the sun isn't going to come out tomorrow, but it will. >> it will create a lot of drama, uncertainty. more importantly, if there's that type of drama, consumers will pull back and it will cause weakening to the economy. with the federal reserve knowing how pivotal the events in
going to be tapering, the treasury was going to start reducing issuance, which is going to because deficits are shrinking. what i'm worried about now is the fed is -- is going to be buying maybe more than than 100%, 110%, 120% of all debt issuance. i think that will create more of a bubble issue in the future and will make it more difficult to unravel this. but i think if i had to sit back and say why did the fed not taper, we have a big -- we're going to have a lot of drama in october....
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Jan 8, 2013
01/13
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. >> different ways to work, $270 billion coming in and if you get rid of the deficit spending, we can service the debt and keep parts of the government open. >> right. >> but none of it is going to be pretty. >> if it's so easy to close down agencies, why do they exist? i'll leave you with that. thanks to both of you. placing his bet on a new tablet. fittingly they are doing it in business. the head of hewlett-packard's computer business will be with me from the electronics show and why this will be different than past attempts which did not work out for hewlett-packard. up next, pays to watch the "closing bell." herb greenberg predicted price matching would be made a year-round event. herb will be around to tell us what happens next. you'll want to listen to this. stay with us. what are you doing? nothing. are you stealing our daughter's school supplies and taking them to work? no, i was just looking for my stapler and my... this thing. i save money by using fedex ground and buy my own supplies. that's a great idea. i'm going to go... we got clients in today. [ male announcer ] save
. >> different ways to work, $270 billion coming in and if you get rid of the deficit spending, we can service the debt and keep parts of the government open. >> right. >> but none of it is going to be pretty. >> if it's so easy to close down agencies, why do they exist? i'll leave you with that. thanks to both of you. placing his bet on a new tablet. fittingly they are doing it in business. the head of hewlett-packard's computer business will be with me from the...
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Apr 1, 2013
04/13
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the budget and the deficit. i know at one point in your career you served as chairman of the influential house budget committee. >> maria, i -- i really -- i really worry about the dysfunctionalty in washington. i travel around the world. other countries don't question our capability, our military capability, our technology, our men and women in uniform. they know we're the strongest power on earth. but they do question whether or not our democracy can function. and i worry about that. the fact is, we're facing a number of crises. particularly on the budget area. and for whatever reason, both republicans and democrats alike cannot come together to find the solutions that are important to our future. i mean, we're on -- i really do think we're on the cusp of a strong economic recovery. we're very creative. we're innovative. we have a great amount of talent, great workforce, great resources. but i think if we can't govern, if our -- if washington cannot deal with these issues, we may very well be a country in decl
the budget and the deficit. i know at one point in your career you served as chairman of the influential house budget committee. >> maria, i -- i really -- i really worry about the dysfunctionalty in washington. i travel around the world. other countries don't question our capability, our military capability, our technology, our men and women in uniform. they know we're the strongest power on earth. but they do question whether or not our democracy can function. and i worry about that....
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Feb 27, 2013
02/13
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those are the keys to not only getting on top of the debt and deficit but get our economy growing, and i hope the markets anticipating that we're starting to get to those things and get them done. >> well, let me ask you this. i mean, you guys have had -- never mind, you know, month, but even this week, you could have met this week, right, knowing that the cuts are coming friday? what's with these 11th hour meetings? i mean, the president has called now another 11th hour meeting of the congressional leadership on friday? so are you going to go meet? what time are you meeting on friday? >> i don't know what time the meeting is, but it is friday, and that's a great question for the president. we're here, ready. we'll give him the flexibility right now to make these reductions in the most thoughtful way to minimize the impacts. let's go. let's do it. >> but, i mean, seriously, what are you expecting to accomplish meeting on the day that the cuts take effect? it almost feels like you guys think we're stupid. the cuts are taking effect on friday, and you're meeting on friday. >> maria -- >>
those are the keys to not only getting on top of the debt and deficit but get our economy growing, and i hope the markets anticipating that we're starting to get to those things and get them done. >> well, let me ask you this. i mean, you guys have had -- never mind, you know, month, but even this week, you could have met this week, right, knowing that the cuts are coming friday? what's with these 11th hour meetings? i mean, the president has called now another 11th hour meeting of the...
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Mar 5, 2013
03/13
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net cash flows into equities has been increasing over the last five, six months as opposed to deficits. that's a very positive sign, and the other thing we look at a lot down here is the -- is the bullish and bearish ratios, and they are not signaling anything too extreme yet so i think there's a little bit more legs in this upward momentum, and i think this market can continue a little bit higher. >> go ahead, john. >> this market is 13,7 from a forward pe, 16.5 would be about where you would expect it to be, so we've got only at most 20%, 25% less if we are in fact getting to the end of a bull market. certainly a time to be cautious if you haven't been in this market, for sure. >> john, where do you see the conviction? tell me what stocks and sectors investors really wanted to own the last month or so. >> i think we saw a lot of money starts moving to the medical stocks actually because of obama care, very strong interest in housing-related stocks and financials continued to do well. mortgage-related stocks, the fact that fannie and freddie are moving out of market. that's put obviou
net cash flows into equities has been increasing over the last five, six months as opposed to deficits. that's a very positive sign, and the other thing we look at a lot down here is the -- is the bullish and bearish ratios, and they are not signaling anything too extreme yet so i think there's a little bit more legs in this upward momentum, and i think this market can continue a little bit higher. >> go ahead, john. >> this market is 13,7 from a forward pe, 16.5 would be about...
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Jul 2, 2013
07/13
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a big current account deficit, foreign reserves disappearing fast. this is, as mike said earlier, a reason -- and symptom attic of what we're seeing in a lot of emerging market countries now. valuations are compelling, but i'm happy to stay underweight emerging market equities. >> well, that's where the outflows have been. amy, does any of this play into what you're looking at in terms of putting money into this market? >> yeah, what i would say generally not specifically for egypt, but for emerging markets as a whole, is you really see a divergence and implied volatility levels between emerging markets level etfs versus domestic market. it really is part of this the flight to safety. if you look at who is trading at one-year highs, it's eem, going through its own political turmoil as well in brazil. and you're seeing that in china and fxi, and investors are expressing the downside fears in those markets through different structures that give you protection and a range. >> all right. we will leave it there. thank you, everybody. we appreciate it. we'
a big current account deficit, foreign reserves disappearing fast. this is, as mike said earlier, a reason -- and symptom attic of what we're seeing in a lot of emerging market countries now. valuations are compelling, but i'm happy to stay underweight emerging market equities. >> well, that's where the outflows have been. amy, does any of this play into what you're looking at in terms of putting money into this market? >> yeah, what i would say generally not specifically for egypt,...
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Sep 26, 2013
09/13
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now would be this is coming not at a time like it did in '96 when the economy is picking up and the deficit is going down and people think we're going in the right direction anyway. >> things were good. >> yeah. and it was still bad. if you do it now when people are hoping to goodness these market trends are netting positive and it looks like we're really coming out of this and it looks like america is going to have a little higher growth this year than was originally prepared, people will -- investors, particularly investors from overseas, will think we are in the parlance of my childhood, three bricks shy of a full load. most countries don't require their congress to vote twice on spending. that's what this does. it's basically, they've already voted to spend this money. so under our system, which other countries don't do, they have to vote again to borrow the money to cover the spending they've already voted for. that creates an opportunity since it always sounds bad, raising the debt ceiling. in normal times, nearly every member of congress has at one time or another voted against raisi
now would be this is coming not at a time like it did in '96 when the economy is picking up and the deficit is going down and people think we're going in the right direction anyway. >> things were good. >> yeah. and it was still bad. if you do it now when people are hoping to goodness these market trends are netting positive and it looks like we're really coming out of this and it looks like america is going to have a little higher growth this year than was originally prepared,...
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Jul 10, 2013
07/13
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crises which was the idea that the capital inflows that we were seeing related of course to our trade deficit but also to the international demand for dollar reserves was in fact a potentially destabilizing factor and certainly was in any case making financial conditions easier than they otherwise would have been and done more recent works with co-authors at the federal reserve looking at the european u.s. relationship even though there was a more balanced trade between europe and the u.s. there were large growth inflows of financial flows from europe to the united states which again were a demand for safe assets, if you will, which at the time there being an insufficientsy of safe assets in the view of many people that wall street was in some sense trying to construct safe assets through securization and traunking and we know that didn't work out so well. there are some issues with safe assets in that besides collateral we have potentially increased liquidity requirements, increased margin requirements. that creates some pressure on the supply of safe assets. at the same time we're having so
crises which was the idea that the capital inflows that we were seeing related of course to our trade deficit but also to the international demand for dollar reserves was in fact a potentially destabilizing factor and certainly was in any case making financial conditions easier than they otherwise would have been and done more recent works with co-authors at the federal reserve looking at the european u.s. relationship even though there was a more balanced trade between europe and the u.s....
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Jul 17, 2013
07/13
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points is going to be, does the rate that's set on these loans bring in enough money to reduce the deficit or not? the democrats are resisting -- senate democrats are resisting a compromise that the president and house republicans and senate republicans have agreed to. this is one where democrats have the losing hand. the white house is losing patience, and the question's going to be when there's another meeting tonight, a bipartisan senators, when exactly do senate democrats fold their tent and make a deal? we expect this to be done before the august recess, and we do expect it to be a market rate pegged to treasuries, plus a couple of points. the question is, what is the cap on those rates under the current compromise? it's 8.25%. some senate democrats want it lower, and, bill, as mandy indicated in the toss, the $1 trillion mark in outstanding federal student loans shows you how big the stakes are in this discussion. >> they are huge for a lot of people out there. john, thank you very much. let's talk more about that among other things. joining us live from the cnbc delivering alpha con
points is going to be, does the rate that's set on these loans bring in enough money to reduce the deficit or not? the democrats are resisting -- senate democrats are resisting a compromise that the president and house republicans and senate republicans have agreed to. this is one where democrats have the losing hand. the white house is losing patience, and the question's going to be when there's another meeting tonight, a bipartisan senators, when exactly do senate democrats fold their tent...
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Jun 10, 2013
06/13
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reserve, though, may come to an inflection point where they are have to start tapers, because of the deficit and the issuance of government debt. so what's going to happen here, though, is there's going to be this carry trade that you're starting to see here with the yen. the yen, okay, short the yen, go long u.s. equities. just like the panelists suggesting. and that will continue to occur going into the later half of this year. >> until it doesn't, like we saw last week, when it reversed very sharply. >> you haven't had a follow-through with earnings. earnings have been flat to maybe modestly up. revenues are going down. as the dollar strengthens, it's sapping from growth from the international side. so that's something to keep a careful eye on in the second half of this year. >> david, i'd be interested in your thoughts on that, what you think about this potential taper talk and whether we can make it through the summer before any real news about that timing comes out. >> expectations are that the fed won't tighten until 2015. it's probably going to be sometime earlier, 2014. the bond mar
reserve, though, may come to an inflection point where they are have to start tapers, because of the deficit and the issuance of government debt. so what's going to happen here, though, is there's going to be this carry trade that you're starting to see here with the yen. the yen, okay, short the yen, go long u.s. equities. just like the panelists suggesting. and that will continue to occur going into the later half of this year. >> until it doesn't, like we saw last week, when it...